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The real cost of purchasing property entails a lot more than a property’s price tag and aspiring property buyers should address these costs sooner rather than later.
A friend of mine has recently been embarking on the very exciting mission of building her very first home.
Unfortunately some of the excitement has been somewhat dampened as a result of surprise expenses which have placed unwanted pressure on her and her husband’s budget.
The truth is, whether you’re building your first property or buying it, the real cost is always going to be more than you expect.
But there are ways you can prepare yourself for at least some of the extra costs of purchasing property. And the sooner you factor these extra costs into your budget, the better placed you’ll be to keep your head above water.
Some of the extra costs you’re going to encounter include building and pest inspections, mortgage fees, legal bills and insurance. These can easily add up to thousands of dollars.
On top of these costs you’re also going to need to account for the cost of moving, setting up utilities and decking out your new property in order to make it the dream home you always envisaged – or at least liveable!
A good rule of thumb is to budget around five to seven per cent of the purchase price, on top of your deposit, to cover these unforseen extras.